Pune: From meeting the cost of hospitalization to pay school fees and shop rentals, more and more people sell their gold jewelry so that the ups toel on the economic crisis caused by covid pandemics.
The source in the State Jewelry Association said there was an uptick in the number of citizens who consisted to deactivate their gold assets.
“This trend has been driven by installation costs, such as payment of online school fees, inpatient costs, and home rentals, in dealing with traffic jams and losing jobs.
The number of people who sell gold jewelry has doubled in the last few days compared to the pre-period Covid, “Fatehchand Ranka, President of the Federation of Maharashtra Rajya Nerves Nerve Suvarnakar, told TII on Monday.
Rank said it was not only people from the economically weaker parts, but also from the upper and classes using these steps.
“Gold jewelry, such as wedding ornaments such as Mangalsutras, has also been sold by families for ups and downs of economic difficulties,” he said.
Kumar Jain, Indah President of the Bullion and Jewelers Association Limited, Mumbai, told TII, “24 carat gold, who may have purchased people around Rs 30,000 in the past, now take around Rs 49,000 per 10 grams.
Some business owners sell ornaments belongs to the family to pay shop rent, electricity bills and staff salaries.
It has been more than a year since the pandemic begins and the financial crisis is only deteriorating, because business restrictions continue.
“Jain said the trend had been clearer since three to four months with covid restrictions to be more Severe during the second wave of pandemic compared to the end of the first wave.
Shailesh Ranka, owner in Ranka Jewelers Private Limited, said, “More people come to sell jewelry for a few weeks, especially those who have upcoming marriages and need cash to arrange these events.
The economic crisis caused by work losses and shutdowns Business has deteriorated for many people during the second wave and people must still pay school fees, pay bank loans and ensure household costs.
Until last year, people had a backup.
Many also also take loans to meet greater costs.
Backup now After and and people do not want to do further debts by utilizing more loans.
“But the jewelry in Mumbai did not report an unusual increase in the number of people who came to mortgage or selling their gold ornaments.
Although locking has caused difficulties, citizens plow their income and small savings to make goals fulfilling or meeting medical expenses.
TOI spoke with a large and small company that offered cash for gold, and only one reported a marginal increase.
Arjun Singhvi (Jain) from Mahavir Jewelers in Borivli, Zaveri Bazar Borivli said some families had arrived to sell chains, mangalsutras or bangles to pay medical bills.
Jugraj Kantilatral and Chokshi Arvind representatives, two main gold buyers at Zaveri Bazar, said the situation in Mumbai was not quite terrible to guarantee valuable people.
Ketan Pimekh from Chokshi Arvind Jewelers said, “Maybe it applies to low-income groups or daily bets undergoing hand-to-mouth presence.
But someone cannot generalize that the middle class mumbaikars flocked to sell their jewelry.
It is true that work has been Lost and business loses 20-50% of their income because of locking.
But the family also must automatically reduce expenses.
Because of the mall, theater and restaurants are closed, their expenses have been reduced.
The culture of work-from-house has reduced overhead costs.
“In Bandra , Nilesh Soni Thank you Gold! Near Linking Road says the trend is ignored.
He said, “I have clients who come to sell gold to buy property but not those who face the financial crisis.
Maybe the seller approaches a small, local gold artisan.”